Bergen County Real Estate News : September 2007 – week 3

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Real estate taxes highest in New Jersey
Teaneck University to conduct Open house
New zoning ordinance in Teaneck
Eminent domain, not always the answer
Satisfaction survey in Teaneck

Real estate taxes highest in New Jersey

As homeowners in Bergen County and other parts of the neighborhood continue to pay huge sums in taxes, the situation seems very bleak for many planning to buy new homes in the neighborhood. The American Community Survey (ACS) released in 2006 by the Census Bureau clearly indicates the high amounts of money being paid as taxes by homeowners. As the report lists state and county rankings, it is sad to note that New Jersey ranks number one in median real estate taxes, among the fifty states. What is even more distressing is that New Jersey taxes are 40% higher than the taxes of New Hampshire, which ranks second. When it comes to county wise rankings of median real estate taxes, the story is still bleak. The ACS indicates that out of the top ten counties (that pay high taxes), seven belong to New Jersey. Bergen County also focuses on this list at the fifth position. The statistics reveal that median real estate taxes in this region stand at $7,237. What emerges directly from this survey is that while the tax problem looms large over the nation, the crux of the problem lies with New Jersey. With the highest tax burden in the nation, it is time to take corrective action to remedy the situation.

Teaneck University to conduct Open house

Open houses are a great way of knowing universities better and Fairleigh Dickenson University of Teaneck provides just that opportunity to all prospective students. The university would be conducting Open houses for its fall graduate sessions. Two of these events would be conducted. The first open house is scheduled for October 23, 2007 at the College of Florham in Madison while the second open house is scheduled for October 25, 2007 at the Metropolitan campus in Teaneck. These events would not only give students a chance to interact with the faculty, they would also have access to the various payment plans in the universities. The institute offers over sixty masteral, doctoral and graduate programs in the diverse areas of education, nursing, arts and sciences and business administration. Those interested in visiting the campus can register themselves through phone, email or by visiting the site www.fdu.edu/admissions. More details about the education programs and the events are also available at the website.

New zoning ordinance in Teaneck

A new zoning ordinance is expected to be introduced in Teaneck after many residents of the Teaneck road neighborhood got together to voice their concern against development in the region. The Teaneck road business district is a business cum residential zone, where condominiums were planned on a vacant lot. However residents living in the region expressed concern when a zonal review revealed that the region offered hardly any protection against high density buildings. Residents insist that the region is a township and must be retained in that manner. An ordinance has thus been proposed to ban mixed use development in the region. It also proposes to limit the construction of buildings up to two floors only. Single and two family homes, offices retail stores and banks are permitted as per the proposal. Various other prohibitions on pawn shops, adult bookstores, motels, bowling alleys, massage parlors, liquor stores and motels have also been suggested. While residents are enthusiastic about the proposal designed by them and are hopeful that this would give developers good idea on the kind of construction sought, many officials are skeptical. They feel that the proposal does not match the master plan of the region which recommends mixed use constructions.

Eminent domain, not always the answer

While construction plans devised on the basis of invoking eminent domain seem lucrative, they are not always workable. The power of eminent domain allows the government to take over privately owned properties that are unused or underused and convert them into public use. After the Supreme Court ruling in 2005, many developers have proposed projects on blighted properties. Many such proposals have been put forth in Bergen County also, in the regions of Englewood, Cresskill, Clifton and Ridgefield. While a few of these have successfully been completed, most of the ideas have been rejected. One example of this was visible at Little Ferry, where a twelve acre area was planned out for a hotel with condominiums and other facilities. However, the project was shelved as residents protested that many of their homes would be condemned as blighted under eminent domain. However a couple of projects have moved forward like the $40 million worth of downtown redevelopment in the region of Cliffside Park. After the new constructions, the blighted area would include residential apartments, retail stores and also a restaurant.

Satisfaction survey in Teaneck

The township council and staff of Teaneck are now undertaking a new exercise to understand the satisfaction levels of residents and visitors to Teaneck. Known as the satisfaction survey, this study tries to understand how satisfied the various residents of Teaneck and visitors to the town are with the different Township departments. The study would thus measure effectiveness in response and quality levels of service offered at the various departments in the township. The survey is open to all, and those interested in participating can take the forms from the different township departments. The results of the survey would be used to improve services in the region, so as to match the needs of residents and visitors. A copy of the survey form can also be downloaded online at http://www.teanecknjgov.org. More details about the survey and queries can be addressed to [email protected].

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